Nigeria’s public debt has surged to a staggering N134.3 trillion as of June 2024, according to the latest figures released by the National Bureau of Statistics (NBS). This significant increase in national debt means that each Nigerian, based on the country’s estimated population of 216.7 million, effectively owes an average of N619,501. This rise reflects a N13 trillion increase from the N121 trillion debt recorded just a few months prior, in March 2024.
Breaking down the debt, data from the Debt Management Office (DMO) indicates that the federal government shoulders a large portion, with N55.8 trillion owed externally and N66.9 trillion domestically. Meanwhile, Nigerian states collectively owe N7.1 trillion externally and N4.2 trillion domestically, contributing to the substantial debt burden.
The mounting debt figures are raising concerns among economists and citizens alike, as experts warn of the potential strain on the economy and the risk of reduced public spending. Analysts suggest that the increasing debt per capita reflects broader challenges in managing public finances and external borrowing, urging for strategic fiscal policies to help stabilize the situation.
As Nigeria grapples with this ballooning debt, discussions around fiscal responsibility and effective debt management are taking center stage, with citizens encouraged to stay informed about the potential long-term impacts on economic growth and public services.